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Uniform commercial code article 4

Article 4 of the uniform commercial code deals with many of the payment systems relating to bank deposits, electronic transactions, cheques, bank drafts and other detailed regulation of the banking system. You can download a copy of article 4 of the uniform commercial code here:

§ 4-301. DEFERRED POSTING; RECOVERY OF PAYMENT BY RETURN OF ITEMS; TIME OF DISHONOR; RETURN OF ITEMS BY PAYOR BANK.
§ 4-302. PAYOR BANK’S RESPONSIBILITY FOR LATE RETURN OF ITEM.
§ 4-303. WHEN ITEMS SUBJECT TO NOTICE, STOP-PAYMENT ORDER, LEGAL PROCESS, OR SETOFF; ORDER IN WHICH ITEMS MAY BE CHARGED OR CERTIFIED.

PART 4. RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

§ 4-401. WHEN BANK MAY CHARGE CUSTOMER’S ACCOUNT.
§ 4-402. BANK’S LIABILITY TO CUSTOMER FOR WRONGFUL DISHONOR; TIME OF DETERMINING INSUFFICIENCY OF ACCOUNT.
§ 4-403. CUSTOMER’S RIGHT TO STOP PAYMENT; BURDEN OF PROOF OF LOSS.
§ 4-404. BANK NOT OBLIGED TO PAY CHECK MORE THAN SIX MONTHS OLD.
§ 4-405. DEATH OR INCOMPETENCE OF CUSTOMER.
§ 4-406. CUSTOMER’S DUTY TO DISCOVER AND REPORT UNAUTHORIZED SIGNATURE OR ALTERATION.
§ 4-407. PAYOR BANK’S RIGHT TO SUBROGATION ON IMPROPER PAYMENT.

PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-501. HANDLING OF DOCUMENTARY DRAFTS; DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY CUSTOMER OF DISHONOR.
§ 4-502. PRESENTMENT OF “ON ARRIVAL” DRAFTS.
§ 4-503. RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS; REPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED.
§ 4-504. PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES.

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